How To Leverage Technology when Compiling Estate Accounts

Private client solicitors face the pressure of heavy workloads every day. Technology should be able to help, but often solutions are complex and it takes time to research, implement and learn new ways of working.

Estatesearch has pioneered the use of new data and technology to help private practitioners identify assets and liabilities since 2018. As a business, we collaborate and invest in developing new products which utilise emerging technologies to add value for our legal clients and their customers.

Our goal is to make life easier for legal professionals across England, Wales and Scotland, streamline workflows, ease the burden of workloads and mitigate risk by leveraging technology to simplify processes and improve due diligence.

Estatesearch’s services are used by more than 10,000 legal professionals in over 2,000 firms nationwide.

Reducing Risk Through Automation in Estate Administration

One key area where technology can help is through automation to replicate data and avoid the need to re key information. Not only does this reduce the risk of human error as information only needs to be entered once, but it also dramatically speeds up processes.

We have recently acquired Exizent to offer our legal clients enhanced automation in estate administration.

Automating IHT400 Forms and Inheritance Tax Calculations

Consider Inheritance Tax calculations and completing IHT400 forms.

The UK Government provides guidance for completing Inheritance Tax forms through its Inheritance Tax Toolkit. While much of this information is aimed at tax agents and advisors, it is equally relevant to private client practitioners handling probate matters.

Question 24 in the toolkit asks: Has the form IHT400 and all accompanying schedules been checked for completeness and accuracy?

Exizent’s platform is designed specifically for private client solicitors dealing with probate and executry work across the UK. All information relating to the deceased’s estate is input once to enable form automation. Once asset details are entered, the system automatically identifies which forms need completing and auto fills the key information, removing unnecessary repetition, saving time and costs, and avoiding errors. The forms are then ready to download and distribute as required.

Streamlining Estate Accounts Preparation for Probate Matters

To calculate Inheritance Tax, estate accounts must be prepared.

Exizent’s system automates the creation of estate accounts, detailing what each beneficiary will receive in a widely accepted accounting format. The accounts can be downloaded as a PDF or in Excel, depending on user preference. Estate accounts can also be shared with clients mid case.

Automating estate accounts in this way saves considerable time and reduces costs for the estate, benefiting beneficiaries and legal practitioners alike.

Improving Asset Identification and Due Diligence in the UK

Accuracy in estate accounts depends on complete asset identification.

Question 4 in the Toolkit asks: Has the deceased’s paperwork relating to assets and liabilities been checked, including overseas assets or assets held in trust? There is also an entire section relating to asset identification, specifically points 11, 12 and 13.

This is where Estatesearch supports private client solicitors.

With billions of pounds in unclaimed assets across the UK, and that figure increasing every year, our Financial Profile Search is a cost effective and efficient way of making enquiries of more than 150 organisations. We search over 450 financial institutions and brands, including banks, building societies, investment managers, share registrars, pension providers and insurers, to help identify and reunite assets with an estate.

Through these solutions, we help estate practitioners meet the requirements set out in points 4, 11, 12 and 13 of the Inheritance Tax Toolkit. Our asset search also helps mitigate professional risk, serving as a liability bridge should an unknown asset later come to light.

Supporting Probate and Excepted Estates in Scotland

In Scotland, the Toolkit is particularly helpful when completing excepted estate forms IHT205 or C5, as many of the same considerations such as valuation apply.

Our technology solutions also support Scottish solicitors handling executry work, helping to streamline processes and strengthen due diligence across jurisdictions.

Making Legal Technology Work for Private Client Practitioners

Technology can seem complex. However, when it is designed specifically to support probate, executry and estate administration processes, it can save significant time, reduce costs and mitigate risk for private client solicitors throughout the UK.

By combining automation, asset identification and accurate estate accounting, Estatesearch and Exizent are helping modern law firms work more efficiently while maintaining the highest standards of compliance and client care.